Middleby Corp (NASDAQ:MIDD) – Research analysts at Seaport Global Securities cut their FY2019 earnings estimates for Middleby in a research report issued to clients and investors on Wednesday, November 6th. Seaport Global Securities analyst W. Liptak now anticipates that the industrial products company will post earnings of $6.50 per share for the year, down from their prior estimate of $6.61. Seaport Global Securities also issued estimates for Middleby’s Q4 2019 earnings at $1.70 EPS, Q2 2020 earnings at $1.79 EPS, Q3 2020 earnings at $1.75 EPS, Q4 2020 earnings at $2.09 EPS and FY2020 earnings at $7.01 EPS.
Several other research firms have also commented on MIDD. TheStreet lowered shares of Middleby from a “b-” rating to a “c” rating in a report on Thursday, August 29th. Buckingham Research set a $153.00 price target on shares of Middleby and gave the company a “buy” rating in a report on Wednesday, August 7th. ValuEngine lowered shares of Middleby from a “hold” rating to a “sell” rating in a report on Monday. Wellington Shields lowered shares of Middleby from a “gradually accumulate” rating to a “hold” rating in a report on Thursday. Finally, Citigroup lowered their price target on shares of Middleby from $138.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $141.57.
Shares of MIDD traded down $0.11 during trading hours on Friday, reaching $118.51. 518 shares of the company traded hands, compared to its average volume of 238,813. The stock has a market capitalization of $6.94 billion, a P/E ratio of 19.45 and a beta of 1.63. The company has a quick ratio of 1.01, a current ratio of 2.10 and a debt-to-equity ratio of 1.11. Middleby has a 12-month low of $96.65 and a 12-month high of $142.98. The business has a fifty day moving average price of $116.65 and a 200-day moving average price of $125.61.
Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.09. The business had revenue of $724.00 million for the quarter, compared to the consensus estimate of $760.88 million. Middleby had a return on equity of 21.17% and a net margin of 11.27%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.56 earnings per share.
In other news, Director Robert A. Nerbonne bought 455 shares of the stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average cost of $111.21 per share, with a total value of $50,600.55. Following the purchase, the director now directly owns 1,282 shares in the company, valued at approximately $142,571.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.98% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. DNB Asset Management AS acquired a new stake in Middleby in the 2nd quarter valued at about $1,573,000. Carroll Financial Associates Inc. raised its holdings in shares of Middleby by 1,086.7% in the second quarter. Carroll Financial Associates Inc. now owns 2,231 shares of the industrial products company’s stock valued at $302,000 after buying an additional 2,043 shares during the last quarter. CHURCHILL MANAGEMENT Corp bought a new position in shares of Middleby in the second quarter valued at about $4,371,000. Addenda Capital Inc. raised its holdings in shares of Middleby by 3.8% in the second quarter. Addenda Capital Inc. now owns 10,831 shares of the industrial products company’s stock valued at $1,470,000 after buying an additional 398 shares during the last quarter. Finally, Xact Kapitalforvaltning AB raised its holdings in shares of Middleby by 10.1% in the second quarter. Xact Kapitalforvaltning AB now owns 14,839 shares of the industrial products company’s stock valued at $2,014,000 after buying an additional 1,363 shares during the last quarter. 94.74% of the stock is currently owned by institutional investors and hedge funds.
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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